再贷款利率19日起 下调0.25个百分点

Core Viewpoint - The People's Bank of China announced a 0.25 percentage point reduction in the re-lending and re-discount rates effective January 19, 2026, aimed at enhancing credit supply in key sectors and supporting economic structural transformation [1][2]. Group 1: Interest Rate Adjustments - The reduction in re-lending and re-discount rates will lower borrowing costs for banks, encouraging them to lend at lower rates to small and micro enterprises, technological innovation, and green transformation sectors [2][3]. - After the adjustment, the re-lending rates for 3-month, 6-month, and 1-year terms will be 0.95%, 1.15%, and 1.25% respectively, with the re-discount rate set at 1.5% [2]. Group 2: Structural Monetary Policy Tools - The central bank's structural monetary policy tools aim to guide financial institutions to increase support for major strategies, key sectors, and weak links, particularly where initial social funding willingness is low [3]. - The introduction of new structural monetary policy tools has covered various financial areas, including real estate and capital markets, enhancing support for targeted sectors [3]. Group 3: Future Monetary Policy Space - The People's Bank of China indicated that there is still room for further reductions in reserve requirements and interest rates, with the current average statutory deposit reserve ratio at 6.3% [4]. - The stability of the RMB exchange rate and the ongoing interest rate cuts in the US provide a favorable environment for potential rate reductions in China [4]. Group 4: Loan and Deposit Growth - In 2025, the total increase in RMB loans was 16.27 trillion yuan, with corporate loans accounting for 15.47 trillion yuan, and household loans increasing by 441.7 billion yuan [5]. - RMB deposits rose by 26.41 trillion yuan in 2025, with household deposits increasing by 14.64 trillion yuan [6]. Group 5: Money Supply and Financing Scale - As of December 2025, the broad money supply (M2) was 340.29 trillion yuan, reflecting an 8.5% year-on-year growth, while the narrow money supply (M1) was 115.51 trillion yuan, growing by 3.8% [7]. - The total social financing scale increased by 35.6 trillion yuan in 2025, surpassing the previous year's growth by 3.34 trillion yuan [7]. Group 6: Policy Measures for Economic Support - The People's Bank of China announced eight policy measures to enhance credit supply in key areas, including a 0.25 percentage point reduction in various structural monetary policy tool rates [8]. - Specific measures include increasing the re-lending quota for small and micro enterprises by 500 billion yuan and expanding the quota for technological innovation and transformation loans from 800 billion yuan to 1.2 trillion yuan [8][9]. - The central bank will also lower the minimum down payment ratio for commercial property loans to 30% and encourage financial institutions to improve foreign exchange risk management services [10].